MaxVIL leases 1.05 lakh sq ft space at Rs 16 cr annual rent in Delhi

Max group company Max Ventures & Industries Ltd (MaxVIL) has entirely leased 1.05 lakh square feet space in its office complex at Okhla in the national capital and will make a rental income of about Rs 16 crore annually.

MaxVIL, which is one of the three listed firms of the $ 4-billion Max Group, told the media in a statement that the first phase of its commercial project 'Max House', including 1.05 lakh sq ft, is presently 100% leased out to big domestic and international clients. Max House is the firm's second commercial real estate offering by Max Estates, which is a subsidiary of MaxVIL.

The average rental rate for Max House Phase 1 presently stands at about Rs 125 per sq ft per month. Nykaa Fashion, Samsung India Electronics, Religare Enterprises, DSK Legal and Dhampur Sugar Mills are some of the significant occupiers. US-based retail company Target Sourcing Services India Pvt Ltd has taken on a lease of 26,608 sq ft at Max House. The lease with Target Sourcing has been listed on Tuesday. MaxVil MD and CEO Sahil Vachani told the media that there is an increasing trend of flight to quality, with top-notch firms boosting to Grade A+ spaces post the pandemic.

The firm's first commercial project 'Max Towers' in Noida, is additionally 98% leased, Vachani added. MaxVIL said the work on the second phase of Max House, including 1.45 lakh sq ft, is on track, and the project is likely to be provided by Q3 of FY23. Max Estates has partnered with New York Life Insurance Company for its third commercial project in Delhi-NCR named Max Square.

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Also read: Construction of Rs 400 cr Max Square begins in Noida